As the ninth anniversary of Crown Prince Mohammed bin Salman\u2019s accession to the throne\u2014may God protect him\u2014approaches, the Kingdom of Saudi Arabia looks back on one of the most significant turning points in its modern history, having undergone a rapid pace of economic, developmental, and social reforms in recent years. Since he assumed the position of Crown Prince on 26 Ramadan 1438, corresponding to June 21, 2017, the Kingdom has entered a new phase of comprehensive modernization, driven by an ambitious strategic vision aimed at building a diversified economy and strengthening the country\u2019s presence on the regional and international stage.<\/p>\n\n\n\n
A Historic Moment in the Nation's History<\/strong> Saudi Vision 2030: A Roadmap for Transformation<\/strong> Mega Projects Reshaping the Economy<\/strong> Far-reaching social and cultural reforms<\/strong> Economic Growth and Progress in Diversification<\/strong> GDP in the non-oil sectors also grew by 4.3 percent last year, indicating that these sectors continue to expand and play an increasingly important role in supporting the national economy. International Achievements That Strengthen Global Standing<\/strong> Housing and Improving Quality of Life Sector<\/strong> A Continuous Journey Toward the Future<\/strong> Reading time: <\/span> 3<\/span> Minutes<\/span><\/span>As the ninth anniversary of the accession of Crown Prince Mohammed bin Salman, may God protect him, approaches, the Kingdom of Saudi Arabia looks back on one of the most significant turning points in its modern history, having undergone a rapid pace of economic, developmental, and social reforms in recent years. Since his accession to the position of Crown Prince on 26 Ramadan 1438, corresponding to June 21, 2017, the Kingdom has entered a new phase of modernization \u2026 Read 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In June 2017, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, issued a decree appointing Prince Mohammed bin Salman as Crown Prince, a move that marked a turning point in the course of Saudi leadership. This decision received broad support within the Allegiance Council, where the Crown Prince secured a large majority of 31 votes out of 34 members, reflecting the high level of trust he enjoyed within the royal family.
This decision marked the beginning of a new phase in the Kingdom\u2019s history, as work began on implementing a series of economic and social reforms aimed at promoting stability and development and consolidating the Kingdom\u2019s position at the regional and international levels.<\/p>\n\n\n\n
Saudi Vision 2030 is the largest national project driving the Kingdom\u2019s transformation, aiming to reduce dependence on oil as the main source of revenue and diversify the economy by developing new sectors such as tourism, entertainment, technology, and renewable energy.
Since the launch of this vision, the Kingdom has embarked on comprehensive economic and structural reform programs that have helped improve the business environment and attract foreign investment, while also supporting the private sector and strengthening its role in driving development.
Official reports on the implementation of the Vision have also shown remarkable progress toward achieving its goals, with the majority of initiatives proceeding according to plan, while some programs have exceeded their targets ahead of schedule.<\/p>\n\n\n\n
In recent years, a number of major development projects have been launched that have come to symbolize the Kingdom\u2019s economic transformation, foremost among them is the NEOM project, which is considered one of the largest future city projects in the world and aims to build a new model for smart cities based on innovation and advanced technologies.
Also notable is the Red Sea Tourism Project, which aims to develop one of the world\u2019s leading tourist destinations, as well as the Qiddiya Project, which focuses on developing the entertainment and sports sector to become a regional hub for recreational and cultural activities.
These projects aim to enhance the Kingdom\u2019s appeal as a global investment and tourism destination, while also creating thousands of job opportunities for Saudi youth and supporting the growth of the national economy.<\/p>\n\n\n\n
The transformations the Kingdom has undergone have not been limited to the economic sphere alone, but have extended to the social and cultural spheres as well. Recent years have seen a significant expansion in women\u2019s participation in the labor market and a marked increase in their empowerment across various sectors.
The country has also seen an expansion of cultural and recreational activities through the organization of international festivals and events in various regions of the Kingdom, which has helped revitalize tourism and promote cultural openness.
In addition, the international sporting events hosted by the Kingdom have garnered significant attention, reflecting a trend toward strengthening Saudi Arabia\u2019s presence in the fields of culture, sports, and entertainment.<\/p>\n\n\n\n
Economic reforms have yielded tangible results in the performance of the Saudi economy, with non-oil sectors experiencing sustained growth in recent years. The contribution of these sectors to GDP has risen to unprecedented levels, reaching approximately 50 percent, reflecting the success of efforts to diversify the economy.<\/p>\n\n\n\n
In this context, the Public Investment Fund plays a pivotal role in supporting the Saudi economy, with the value of its assets under management rising to approximately 3.47 trillion riyals, making it one of the largest sovereign wealth funds in the world.<\/p>\n\n\n\n
In recent years, the Kingdom has strengthened its presence on the international stage by hosting and organizing a number of major global events. It hosted the G20 Summit in 2020, a move that underscored the Kingdom\u2019s growing role in the global economy.
The Kingdom has also been awarded the right to host Expo 2030 in the capital, Riyadh, as well as the 2034 FIFA World Cup, reflecting growing international confidence in the Kingdom\u2019s organizational and economic capabilities.<\/p>\n\n\n\n
As part of the Saudi Vision 2030 initiatives, the housing sector has made remarkable progress in providing diverse housing options for citizens. Tens of thousands of Saudi families have received their homes in recent years, and thousands of new housing units have been launched across the Kingdom. The homeownership rate among citizens has risen to more than 63 percent, reflecting the success of government policies aimed at improving quality of life and providing housing stability for Saudi families.<\/p>\n\n\n\n
As the reign enters its ninth year, the Kingdom continues to implement its reform programs and development projects at an accelerated pace, as part of its efforts to achieve the goals of Saudi Vision 2030.
Observers believe that the coming period may witness further economic and developmental transformations, as major projects continue to be implemented and the role of non-oil sectors is strengthened, thereby supporting the Kingdom\u2019s position as an influential economic power at both the regional and international levels.<\/p>","protected":false},"excerpt":{"rendered":"